Cambridge Index jumps 2.9%

The Cambridge Index advanced 684.7 points or 2.9% to close at 24641.8, as all the top ten Index heavyweights posted weekly gains to their share prices.

Goldman Sachs increased its target price on AVEVA Group, up 4.7%, to 3200p from 2950p and gave a “Neutral” rating.

Jefferies International lifted its target price on DS Smith, up 3.1%, to 370p from 330p and gave a “Hold” rating.

Peel Hunt reiterated its “Buy” rating on Abcam, up 1%.

Greene King, up 2.1%, announced that it will release its pre-trading statement for the year ending 28 April 2019 on 30 April 2019.

Peel Hunt reaffirmed its “Hold” rating on Horizon Discovery Group, up 6.3%.

RhythmOne, up 4.6%, announced that it has secured its 2019 seal recertification from the Trustworthy Accountability Group (TAG) for satisfying TAG’s Inventory Quality Guidelines for ad inventory to support partners restricting their ads to brand-safe environments. Additionally, the company received its initial TAG Certified Against Malware Seal for appreciating its efforts in eliminating malware across the digital advertising supply chain.

Marshall Motor Holdings, up 4.1%, in its final results for year ended 31 December 2018, announced that revenues slightly declined 2% to £2.2b. However, its profit before tax surged to £18.7m from £12.6m reported in the previous year, while its basic earnings per share rose to 17.9p from 12.3p. The company’s board proposed a final dividend of 6.39p per share, payable on 24 May 2019 to shareholders on the register as at 27 April 2019.

Kier Group, up 1.1%, in its trading update for the six months ended 31 December 2018, announced that it has revised its debt position higher by £50m to £180.5m, citing accounting errors related to property assets. Moreover, Kier reported a non-underlying provision of £25m, amid a postponement in the redevelopment of Broadmoor hospital. Liberum Capital restated its “Buy” rating on the stock.

1Spatial, unchanged at 33.5p, announced the reclassification of its sector to Software sector from Business Support Services sector, with immediate effect.

Amino Technologies, down 5.6%, announced that it has won a contract from US telecommunications provider, Waverly Utilities, for delivering Multimedia over Coax Alliance (MoCA)-enabled IPTV devices and Amino OS software. The contract is likely to enhance the firm’s pay-TV video services by strengthening its efficiency.

Peel Hunt reiterated its “Hold” rating on Xaar, down 16.8%.

UK markets closed on a stronger footing last week, led by gains in energy and financial sector stocks. Britain’s parliament voted in favour of delaying the nation’s exit from the European Union. The UK’s house price index fell in March, while the total trade deficit widened in January. Also, the nation’s industrial production slid in January, whereas the manufacturing production eased in the same month. The British economy grew more than expected in January. The FTSE 100 index advanced 1.7% to settle at 7228.3, while the FTSE AIM 100 index rose 2.5% to close at 4792.2. Meanwhile, the FTSE techMARK 100 index gained 2.6% to end at 4831.5.

US markets ended higher in the previous week, amid gains in technology sector stocks. US durable goods orders unexpectedly climbed in January, whereas construction spending hit a 9-month high in the same month. The JOLTs job openings advanced in January, whereas the advance retail sales climbed in the same month. US manufacturing production fell for the second consecutive month in February, while the industrial production rose less than expected in the same month. The DJIA index rose 1.6% to end at 25848.9, while the NASDAQ index gained 3.8% to close at 7688.5.

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